In the context of my correspondence, the upgrade referred to the 3910.
What I didn't ask was whether the 3930 will become their new flagship, or whether the 5910 will, itself, be upgraded.
Denon also told me that they "will not have a next generation DVD player till 2007, as many critical technologies are not yet in place, and won't be till later this year. These include HDMI 1.3, which is critical to transmit dtsHD and Dolby Digital+, and just as important is the capability for our receivers to have 1.3 and the included surround formats - dtsHD is ready now (however 1.3 is not due till fall) and DD+ won't be ready for AVRs till late fall/winter. We want to be sure to offer our customers the complete solution, not just pieces of it."